The rest of the paper is organized as follows: Section 2 provides a discussion of the background of the Senior Citizens Welfare Living Allowance, which is the social insurance program that we focus on in this paper; section 3 provides a detailed discussion of the PSFD data and our empirical strategy; section 4 presents the estimation results for the full sample as well as for various subsamples of interest; and section 5 concludes.

Moreover, in the 2004 wave of the PSFD, about 81% of respondents reported that the property values owned by their parents were below the cap.

The PSFD MOU provides a framework for future JSF Program efforts in production and beyond, and will extend cooperation beyond the current JSF System Development and Demonstration (SDD) MOU among the United States and the other eight JSF partner nations: the United Kingdom, Italy, The Netherlands, Turkey, Canada, Denmark, Norway, and Australia.

Other JSF partner nations are anticipated to sign the PSFD MOU between now and the end of December 2006.

Schreiber characterized the meeting of the JSF executive committee in Canada as "very successful," with much of the discussion focusing on negotiations, set to start in late May, for a memorandum of understanding (MOU) for the PSFD phase of the program.

From the wider macroeconomic viewpoint, the government is to be commended both for giving priority over tax cuts to the containment of the PSFD and for combining restrictive intentions in the fiscal sphere (even if these intentions have not yet delivered a decisively reduced deficit) with a relatively relaxed monetary policy.

Eight allied countries--the United Kingdom, Canada, Denmark, The Netherlands, Norway, Italy, Turkey, and Australia--are participating in the F-35 program under Memoranda of Understanding (MOUs) for the SDD and Production, Sustainment and Follow-On Development (PSFD) phases of the program.

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